BankVal International is used by many companies around the world, including BP and JP Morgan Chase to validate cross border payments. By ensuring that payment data is correct, payments work first time, saving time and money and maximizing efficiency.
The introduction of the Single Euro Payments Area means that the validation of international payment data is more important than ever. In SEPA, incorrect data does not just mean a failed payment; banks now also have the powers to impose a financial penalty for each invalid transaction.
BankVal International has been designed to address this issue. Every SEPA transaction must include a valid IBAN (International Bank Account Number) and SWIFT BIC (Bank Identifier Code). Whilst several vendors provide IBAN checker software, BankVal International is the only web service that can also check that any BIC code is valid and in use.
George Barron, CTO at Unified Software comments:
âSEPA has increased the demand for validation of banking data â submitting incorrect IBAN or BIC data is time consuming and expensive. At Unified we have developed a service that goes beyond the basic IBAN-only validation software on the market and delivers the full validation required for SEPA compliance.â
True to its aims of providing a fully international service, Unified Software has also included a US ABA lookup facility within BankVal International.
Like the industry leading BankVal UK web services, BankVal International services are hosted on Unifiedâs double-redundant infrastructure.
George commented: âWe fully understand the critical role that our services play in our customersâ business processes. We therefore always go the extra mile when it comes to dependability and data security. BankVal International follows the same exacting standards that have delivered 100% availability to our customers for the last 6 yearsâ
Unified Softwareâs customers include BP, JP Morgan Chase, Greenpeace, BT, Genworth Financial and Moneysupermarket.com.